September 10th Financial Breakfast: Israeli forces launch attack on Hamas leaders, gold price hits record high near 3675, focus on US inflation data
2025-09-10 07:25:24
In the early Asian session on Wednesday (September 10, Beijing time), spot gold was trading around $3,638 per ounce. Gold prices continued to rise on Tuesday, hitting a record high of $3,674.36 during the session, as the market generally expected the Federal Reserve to cut interest rates in September. Investors were also paying attention to the U.S. inflation data to be released this week. In addition, Israel's exacerbation of geopolitical tensions in the Middle East also helped gold prices rise; U.S. crude oil was trading around $63.06 per barrel. Oil prices closed higher on Tuesday after the Israeli military said it had launched an attack on Hamas leaders in Doha, the capital of Qatar, expanding its years-long military operations in the Middle East.
The S&P 500 and Nasdaq hit record closing highs on Tuesday, with UnitedHealth Group shares rising, while a downward revision to jobs data bolstered expectations that the Federal Reserve will soon cut interest rates to support economic growth.
The U.S. economy probably created 911,000 fewer jobs in the 12 months through March than previously estimated, the government said, suggesting job growth had already stalled before President Trump imposed tariffs on countries around the world.
CME Group's FedWatch tool shows that financial markets have already priced in a 25 basis point rate cut at the Federal Reserve's policy meeting next week, while futures trading suggests the market is pricing in a nearly 10% chance of a 50 basis point cut. Recently released non-farm payroll data for July and August also suggest weakening labor market conditions.
Paul Nolte, market strategist at Murphy & Sylvest in Chicago, said of the revisions to non-farm payroll data that it would not affect the Fed's 25 basis point rate cut at all. We are not yet clear about the revisions to the specific monthly data, and there will be no results in the next few months, but it shows a weak labor market.
UnitedHealth Group Inc jumped after the company said it expects enrollment in its high-star-rated Medicare plans to meet its projections, which could mean more government payments to the company.
JPMorgan Chase & Co. rose 1.7% after a senior executive said investment banking revenue would grow by a low-double-digit percentage in the third quarter and markets revenue would increase by a high-double-digit percentage.
"This is all good news and a sign of a healthy economy," said Jed Ellerbroek, portfolio manager at Argent Capital. "After Trump's 'Liberation Day' policy brought M&A activity to a halt, it's now recovering," he said, referring to the U.S. tariffs announced in April.
The S&P 500 closed up 0.27% at 6,512.61, a record closing high. The Nasdaq rose 0.37% to 21,879.49, also a record closing high. The Dow Jones Industrial Average rose 0.43% to 45,711.34. Eight of the 11 S&P 500 sectors rose, led by communication services, which rose 1.64%, followed by utilities, which rose 0.71%.
The S&P 500 is up about 11% so far this year, while the Nasdaq has gained 13%. Apple fell 2.6% after its new iPhone launch failed to capture investor interest.
Broadcom fell 2.6% after the world's second-largest chipmaker rose for five consecutive sessions. Investors will be watching Wednesday's producer inflation report and Thursday's consumer price data to assess the impact of Trump's tariffs and whether more aggressive interest rate cuts are warranted.
Nebius, an artificial intelligence infrastructure company, surged nearly 50% after signing a $17.4 billion deal with Microsoft, while Oracle surged 12% in after-hours trading following its quarterly earnings report.
Gold prices continued their upward trend on Tuesday, reaching a new all-time high intraday, driven by widespread expectations that the Federal Reserve will cut interest rates in September. Investors also focused on US inflation data due this week. Spot gold rose 0.2% to $3,643.57 per ounce, having briefly touched an intraday record high of $3,674.36. December gold futures closed up 0.1% at $3,682.2 per ounce.
Bart Melek, head of commodity strategy at TD Securities, said the rally was driven primarily by expectations that the Federal Reserve could begin cutting interest rates in September.
According to CME's FedWatch tool, traders currently see a 92% probability of a 25 basis point rate cut by the Federal Reserve next week, with some investors even betting on a 50 basis point reduction. This follows data showing a sharp slowdown in US job growth in August. Falling interest rates typically put pressure on the US dollar and bond yields, boosting the appeal of gold, a non-interest-bearing asset.
Despite the rise, gold prices remained near a seven-week low, while the yield on the 10-year U.S. Treasury bond also rebounded after hitting a five-month low. Investors are now awaiting the release of the U.S. Producer Price Index (PPI) on Wednesday and the Consumer Price Index (CPI) on Thursday for further guidance on the Federal Reserve's policy direction at its meeting next week.
Melek added that if the U.S. economy weakens, it could prompt inflows into unconventional assets like gold as a hedge against potential downside risks.
Gold prices rose above $3,600 an ounce on Monday and have hit record highs several times this year, benefiting from a weak dollar, strong buying from central banks, loose monetary policy and increased global uncertainty.
John Ciampaglia, CEO of Sprott Asset Management, said that even if gold prices reach $3,600, we remain bullish - we think the market still has room to rise because we don’t see any substantial shifts in tariff policy, trade relations or geopolitics, and if there are any improvements in these areas, the rise in gold prices may take a pause.
In terms of other precious metals, spot silver fell 1.2% to $40.86 per ounce; platinum fell 1.4% to $1,363.14 per ounce; and palladium fell slightly by 0.3% to $1,130.61 per ounce.
Oil prices settled higher on Tuesday after the Israeli military said it had launched an attack on Hamas leaders in the Qatari capital of Doha, expanding its years-long military campaign in the Middle East.
Brent crude futures settled up 0.6% at $66.39 a barrel, while U.S. crude futures also climbed 0.6% to $62.63 a barrel. Both benchmarks rose nearly 2% after the Israeli attack on Qatar, but later gave up most of those gains, with the United States assuring Doha that such an attack would not happen again on its territory.
Jorge Leon, head of geopolitical analysis at Rystad Energy, said: "Both the US and Qatar have made it clear they are not seeking further escalation, while other Gulf Cooperation Council (GCC) members have reacted subduedly, reinforcing the view that the risk of a wider regional conflict remains contained. "For now, the geopolitical risk premium is falling, not rising," Leon said.
UBS analyst Giovanni Staunovo said that in addition to the White House's reassurances to Qatar, oil prices also pared gains because the attacks did not cause any direct supply disruptions.
Oil prices had already risen before the Qatar attacks, helped by a smaller-than-expected increase in production from the OPEC+ alliance and concerns about possible new sanctions on Russia.
The U.S. Energy Information Administration (EIA) said that due to rising inventories, global crude oil prices are expected to face significant pressure in the coming months, curbing the rise in oil prices. The Federal Reserve meeting next week may cut interest rates, which is also the focus of the market.
A sharper-than-expected downward revision to U.S. employment data for the 12 months to March prompted traders to bet the Federal Reserve will cut short-term interest rates next week and take more action this year to support the labor market.
The dollar rose against most currencies except the yen on Tuesday, recouping losses from the previous session, as investors consolidated positions ahead of the release of this week's key inflation report.
U.S. Producer Price Index data will be released on Wednesday and Consumer Price Index data on Thursday. Markets will focus on these data to gauge the impact of tariffs on prices in the world's largest economy.
The dollar briefly dipped after a report showed the U.S. economy created nearly 1 million fewer jobs between April 2024 and March 2025 than the government had previously estimated, suggesting much weaker labor market conditions over that 12-month period than preliminary data had suggested. But the jobs revision had little impact on markets.
In afternoon trading, the euro fell 0.5% to $1.1707, pushing the dollar index 0.4% higher to 97.78 after falling to a seven-week low earlier in the session.
The dollar rose 0.6% against the Swiss franc to 0.7976 franc, having hit a six-week low earlier in the session.
Despite the dollar's gains on Tuesday, Elias Haddad, senior market strategist at Brown Brothers Harriman in London, said the main story now is that the recent dovish shift in Fed policy "will lead the dollar to new cyclical lows, primarily because with moderately restrictive monetary policy, the Fed will now prioritize its full employment goal over price stability. Any rebound in the dollar, or any relief rally, will be unsustainable." Revisions to jobs data released on Tuesday put the Fed's employment mandate in the spotlight.
The U.S. economy created 911,000 fewer jobs in the 12 months through March than initially estimated, according to the Bureau of Labor Statistics. The total number of jobs in the 12 months through March 2024 was revised down by 598,000.
Action Economics said the downward revision was the largest ever, surpassing the 824,000 downward revisions to employment in March 2009 and the 818,000 downward revisions to March last year. The downward revision means that over a 12-month period, employment has fallen by 76,000 jobs per month compared to the initial estimate.
“The only thing growing faster than skepticism about job growth is the pressure on the Fed to finally quietly cut rates, because nothing says a cooling economy like the job market turning into a ghost story,” said Michael Ashley Schulman, chief investment officer at Running Point in El Segundo, California. He added: “The jobs revisions have turned the jobs story from a fairy tale to an audit trail, the biggest reality check in years. In other words, the jobs fairy has retracted much of the optimism it had previously generated.”
U.S. interest rate futures prices showed on Tuesday afternoon that the market expects a 92% chance of a 25 basis point rate cut later this month and an 8% chance of a 50 basis point cut.
The pound fell 0.5% to $1.3521 against the dollar. Commodity-linked currencies such as the Australian, New Zealand and Canadian dollars all fell against the greenback. Some analysts said a strong auction of U.S. three-year Treasury bonds also contributed to the dollar's gains.
The strong results offset the disappointing August auction results. Action Economics analysts said the auction was reasonably priced and set a new record for end-customer demand.
"Today's strong auction probably played a role, as yields have generally been rising across the board over the past week or so," said Julia Hermann, global market strategist at New York Life Investments in New York.
Later this week, markets will focus on the Eurozone, where the European Central Bank is widely expected to keep interest rates unchanged at its policy meeting on Thursday. Last month, economists were divided on the likelihood of further ECB rate cuts, but sentiment has shifted following recent data showing inflation nearing its 2% target and unemployment at historic lows.
U.S. employment data revised sharply downward to show 911,000 fewer jobs added through March
The US government said on Tuesday that the US economy likely added 911,000 fewer jobs than previously estimated in the 12 months ending in March, suggesting signs of stagnating job growth even before Trump imposed tough tariffs on imports. Economists had previously projected that the Bureau of Labor Statistics (BLS), part of the US Department of Labor, would lower its employment forecast for April 2024 to March 2025 by between 400,000 and 1 million jobs. Previously, the employment forecast for April 2023 to March 2024 had been revised down by 598,000 jobs. This benchmark revision followed news released last Friday that job growth almost stagnated in August and that June saw the first loss of jobs in 4.5 years. In addition to being weighed down by trade policy uncertainty, the labor market is also under pressure from the White House's tightening immigration policies, which are weakening the labor supply. At the same time, businesses' shift to artificial intelligence tools and automation is also dampening demand for labor. Economists believe the downward revision to job growth will have little impact on monetary policy. The Federal Reserve is expected to resume interest rate cuts next Wednesday after pausing its easing cycle in January due to uncertainty about the impact of tariffs.
Qatar says it received a call from the US 10 minutes after the attack
Regarding Israel's airstrike on senior Hamas officials in Doha, Qatar, on the afternoon of September 9th, local time, White House Press Secretary Levitt stated that US President Trump, "upon receiving notification from the US military that Israel was conducting an attack, immediately instructed Special Envoy Witkoff to inform Qatar of the imminent attack." However, Qatari Prime Minister and Foreign Minister Mohammed confirmed at a press conference that evening that "the attack occurred at 3:46 p.m. local time, and Qatar received the first call from US officials at 3:56 p.m., ten minutes after the attack." (CCTV International News)
Trump: Israel's attack on Qatar was not my decision
US President Trump stated that this morning, the Trump administration received notification from the US military that Israel was attacking Hamas in Doha, Qatar. This decision was made by Prime Minister Netanyahu, not me. Unilateral bombing inside Qatar will not advance US objectives. I immediately instructed Special Envoy Steve Witkoff to inform Qatar of the impending attack, which he did. Unfortunately, this notification came too late to prevent the attack. I believe this unfortunate incident could be an opportunity for peace. I have also spoken with the Emir and Prime Minister of Qatar and assured them that such an incident will never occur again on Qatari soil. I have instructed Secretary of State Rubio to finalize a defense cooperation agreement with Qatar.
White House asks Congress to pass stopgap spending bill to avert government shutdown
The White House budget office has asked Congress to pass a stopgap spending bill to avoid a government shutdown on October 1 and extend funding until January 31. The draft document from the budget office includes requests for specific funding increases, including funding for Columbia-class submarines and allowing the District of Columbia to use its own tax dollars. Appropriations committee leaders had previously explored shorter-term, temporary measures lasting until November.
US delegation inspects Pakistani port investment prospects
A U.S. delegation received a presentation on Pakistan's port infrastructure and investment opportunities during a meeting with Pakistan's Maritime Ministry on Tuesday. The delegation also heard about Gwadar Port infrastructure projects, special economic zones, and tourism potential. According to the Pakistani Maritime Ministry, the U.S. side expressed interest in the liquefied natural gas terminal, bulk handling, and investment prospects at all three ports, citing Pakistan's maritime sector as strategically important for trade and economic growth.
EU officials: EU member states are divided on sanctions against Israel and cannot take action
On September 9th, local time, EU High Representative for Foreign Affairs and Security Policy Kallas stated in a debate at the European Parliament plenary session that the European Commission is ready to suspend trade relations and end research partnerships with Israel, but governments are hindering further measures. She said, "The options for further EU action are clear and are still under discussion, but member states are divided on how to get the Israeli government to change its course. Unless member states agree on action, we cannot act as a union."
Spain bans two Israeli ministers from entering the country
On the 9th, the Spanish government announced a ban on entry for Israeli National Security Minister Itamar Ben-Gvir and Finance Minister Bezalel Smotrich in response to Israel's military operations in the Gaza Strip and their humanitarian impact on Palestinian civilians. Spanish Foreign Minister Alvarez stated after a cabinet meeting that the move was part of the sanctions proposed by Spanish Prime Minister Sanchez on Monday, aimed at denying "entry into Spain and the European Union for all those involved in genocide, human rights violations, and war crimes." He also emphasized that the Spanish government still supports the "two-state solution" and will not sever diplomatic relations with Israel for the time being.
French Prime Minister Bayrou submits resignation
French Prime Minister Bayrou submitted his resignation to President Emmanuel Macron on September 9th. Bayrou's government failed to secure a majority in a vote of confidence in the National Assembly, receiving only 194 votes in favor and 364 against. The Élysée Palace announced that Macron will appoint a new prime minister in the coming days. Bayrou is the second French prime minister to resign in just over nine months and the fifth in less than two years. (CCTV News)
Cui Dongshu, Secretary General of the China Passenger Car Association (CPCA), said that in August, passenger car manufacturers’ retail sales, exports, wholesale sales and production all hit record highs for the month.
Cui Dongshu, Secretary-General of the China Passenger Car Association (CPCA), stated in a statement that passenger car manufacturers' retail sales, exports, wholesale, and production all hit record highs in August, with new energy vehicle exports breaking all-time monthly records. Domestic passenger car retail sales are projected to achieve a cumulative 10% annual growth from January to July 2025, but the growth rate will fall to 9.5% from January to August, with the annual growth rate declining by 1 percentage point each month from July to August. This suggests the market is beginning to see a "low-in-the-early, high-in-the-middle, flat-out" trend.
Global Energy Interconnection Development and Cooperation Organization: Global power industry transformation presents four major trends
On September 9th, at the 2025 Global Energy Interconnection Conference in Beijing, the Global Energy Interconnection Development Cooperation Organization released its "Global Power Development Transformation Report 2025." The report states that over the past five years, driven by economic development, energy transformation, and technological innovation, the global power industry has undergone profound changes, demonstrating four major trends: electrification of energy consumption, clean power generation, widespread power distribution, and digitalization of system operations. (Xinhua News Agency)
Focus on the day
stock market
The S&P 500 and Nasdaq hit record closing highs on Tuesday, with UnitedHealth Group shares rising, while a downward revision to jobs data bolstered expectations that the Federal Reserve will soon cut interest rates to support economic growth.
The U.S. economy probably created 911,000 fewer jobs in the 12 months through March than previously estimated, the government said, suggesting job growth had already stalled before President Trump imposed tariffs on countries around the world.
CME Group's FedWatch tool shows that financial markets have already priced in a 25 basis point rate cut at the Federal Reserve's policy meeting next week, while futures trading suggests the market is pricing in a nearly 10% chance of a 50 basis point cut. Recently released non-farm payroll data for July and August also suggest weakening labor market conditions.
Paul Nolte, market strategist at Murphy & Sylvest in Chicago, said of the revisions to non-farm payroll data that it would not affect the Fed's 25 basis point rate cut at all. We are not yet clear about the revisions to the specific monthly data, and there will be no results in the next few months, but it shows a weak labor market.
UnitedHealth Group Inc jumped after the company said it expects enrollment in its high-star-rated Medicare plans to meet its projections, which could mean more government payments to the company.
JPMorgan Chase & Co. rose 1.7% after a senior executive said investment banking revenue would grow by a low-double-digit percentage in the third quarter and markets revenue would increase by a high-double-digit percentage.
"This is all good news and a sign of a healthy economy," said Jed Ellerbroek, portfolio manager at Argent Capital. "After Trump's 'Liberation Day' policy brought M&A activity to a halt, it's now recovering," he said, referring to the U.S. tariffs announced in April.
The S&P 500 closed up 0.27% at 6,512.61, a record closing high. The Nasdaq rose 0.37% to 21,879.49, also a record closing high. The Dow Jones Industrial Average rose 0.43% to 45,711.34. Eight of the 11 S&P 500 sectors rose, led by communication services, which rose 1.64%, followed by utilities, which rose 0.71%.
The S&P 500 is up about 11% so far this year, while the Nasdaq has gained 13%. Apple fell 2.6% after its new iPhone launch failed to capture investor interest.
Broadcom fell 2.6% after the world's second-largest chipmaker rose for five consecutive sessions. Investors will be watching Wednesday's producer inflation report and Thursday's consumer price data to assess the impact of Trump's tariffs and whether more aggressive interest rate cuts are warranted.
Nebius, an artificial intelligence infrastructure company, surged nearly 50% after signing a $17.4 billion deal with Microsoft, while Oracle surged 12% in after-hours trading following its quarterly earnings report.
Gold Market
Gold prices continued their upward trend on Tuesday, reaching a new all-time high intraday, driven by widespread expectations that the Federal Reserve will cut interest rates in September. Investors also focused on US inflation data due this week. Spot gold rose 0.2% to $3,643.57 per ounce, having briefly touched an intraday record high of $3,674.36. December gold futures closed up 0.1% at $3,682.2 per ounce.
Bart Melek, head of commodity strategy at TD Securities, said the rally was driven primarily by expectations that the Federal Reserve could begin cutting interest rates in September.
According to CME's FedWatch tool, traders currently see a 92% probability of a 25 basis point rate cut by the Federal Reserve next week, with some investors even betting on a 50 basis point reduction. This follows data showing a sharp slowdown in US job growth in August. Falling interest rates typically put pressure on the US dollar and bond yields, boosting the appeal of gold, a non-interest-bearing asset.
Despite the rise, gold prices remained near a seven-week low, while the yield on the 10-year U.S. Treasury bond also rebounded after hitting a five-month low. Investors are now awaiting the release of the U.S. Producer Price Index (PPI) on Wednesday and the Consumer Price Index (CPI) on Thursday for further guidance on the Federal Reserve's policy direction at its meeting next week.
Melek added that if the U.S. economy weakens, it could prompt inflows into unconventional assets like gold as a hedge against potential downside risks.
Gold prices rose above $3,600 an ounce on Monday and have hit record highs several times this year, benefiting from a weak dollar, strong buying from central banks, loose monetary policy and increased global uncertainty.
John Ciampaglia, CEO of Sprott Asset Management, said that even if gold prices reach $3,600, we remain bullish - we think the market still has room to rise because we don’t see any substantial shifts in tariff policy, trade relations or geopolitics, and if there are any improvements in these areas, the rise in gold prices may take a pause.
In terms of other precious metals, spot silver fell 1.2% to $40.86 per ounce; platinum fell 1.4% to $1,363.14 per ounce; and palladium fell slightly by 0.3% to $1,130.61 per ounce.
Oil Market
Oil prices settled higher on Tuesday after the Israeli military said it had launched an attack on Hamas leaders in the Qatari capital of Doha, expanding its years-long military campaign in the Middle East.
Brent crude futures settled up 0.6% at $66.39 a barrel, while U.S. crude futures also climbed 0.6% to $62.63 a barrel. Both benchmarks rose nearly 2% after the Israeli attack on Qatar, but later gave up most of those gains, with the United States assuring Doha that such an attack would not happen again on its territory.
Jorge Leon, head of geopolitical analysis at Rystad Energy, said: "Both the US and Qatar have made it clear they are not seeking further escalation, while other Gulf Cooperation Council (GCC) members have reacted subduedly, reinforcing the view that the risk of a wider regional conflict remains contained. "For now, the geopolitical risk premium is falling, not rising," Leon said.
UBS analyst Giovanni Staunovo said that in addition to the White House's reassurances to Qatar, oil prices also pared gains because the attacks did not cause any direct supply disruptions.
Oil prices had already risen before the Qatar attacks, helped by a smaller-than-expected increase in production from the OPEC+ alliance and concerns about possible new sanctions on Russia.
The U.S. Energy Information Administration (EIA) said that due to rising inventories, global crude oil prices are expected to face significant pressure in the coming months, curbing the rise in oil prices. The Federal Reserve meeting next week may cut interest rates, which is also the focus of the market.
A sharper-than-expected downward revision to U.S. employment data for the 12 months to March prompted traders to bet the Federal Reserve will cut short-term interest rates next week and take more action this year to support the labor market.
foreign exchange market
The dollar rose against most currencies except the yen on Tuesday, recouping losses from the previous session, as investors consolidated positions ahead of the release of this week's key inflation report.
U.S. Producer Price Index data will be released on Wednesday and Consumer Price Index data on Thursday. Markets will focus on these data to gauge the impact of tariffs on prices in the world's largest economy.
The dollar briefly dipped after a report showed the U.S. economy created nearly 1 million fewer jobs between April 2024 and March 2025 than the government had previously estimated, suggesting much weaker labor market conditions over that 12-month period than preliminary data had suggested. But the jobs revision had little impact on markets.
In afternoon trading, the euro fell 0.5% to $1.1707, pushing the dollar index 0.4% higher to 97.78 after falling to a seven-week low earlier in the session.
The dollar rose 0.6% against the Swiss franc to 0.7976 franc, having hit a six-week low earlier in the session.
Despite the dollar's gains on Tuesday, Elias Haddad, senior market strategist at Brown Brothers Harriman in London, said the main story now is that the recent dovish shift in Fed policy "will lead the dollar to new cyclical lows, primarily because with moderately restrictive monetary policy, the Fed will now prioritize its full employment goal over price stability. Any rebound in the dollar, or any relief rally, will be unsustainable." Revisions to jobs data released on Tuesday put the Fed's employment mandate in the spotlight.
The U.S. economy created 911,000 fewer jobs in the 12 months through March than initially estimated, according to the Bureau of Labor Statistics. The total number of jobs in the 12 months through March 2024 was revised down by 598,000.
Action Economics said the downward revision was the largest ever, surpassing the 824,000 downward revisions to employment in March 2009 and the 818,000 downward revisions to March last year. The downward revision means that over a 12-month period, employment has fallen by 76,000 jobs per month compared to the initial estimate.
“The only thing growing faster than skepticism about job growth is the pressure on the Fed to finally quietly cut rates, because nothing says a cooling economy like the job market turning into a ghost story,” said Michael Ashley Schulman, chief investment officer at Running Point in El Segundo, California. He added: “The jobs revisions have turned the jobs story from a fairy tale to an audit trail, the biggest reality check in years. In other words, the jobs fairy has retracted much of the optimism it had previously generated.”
U.S. interest rate futures prices showed on Tuesday afternoon that the market expects a 92% chance of a 25 basis point rate cut later this month and an 8% chance of a 50 basis point cut.
The pound fell 0.5% to $1.3521 against the dollar. Commodity-linked currencies such as the Australian, New Zealand and Canadian dollars all fell against the greenback. Some analysts said a strong auction of U.S. three-year Treasury bonds also contributed to the dollar's gains.
The strong results offset the disappointing August auction results. Action Economics analysts said the auction was reasonably priced and set a new record for end-customer demand.
"Today's strong auction probably played a role, as yields have generally been rising across the board over the past week or so," said Julia Hermann, global market strategist at New York Life Investments in New York.
Later this week, markets will focus on the Eurozone, where the European Central Bank is widely expected to keep interest rates unchanged at its policy meeting on Thursday. Last month, economists were divided on the likelihood of further ECB rate cuts, but sentiment has shifted following recent data showing inflation nearing its 2% target and unemployment at historic lows.
International News
U.S. employment data revised sharply downward to show 911,000 fewer jobs added through March
The US government said on Tuesday that the US economy likely added 911,000 fewer jobs than previously estimated in the 12 months ending in March, suggesting signs of stagnating job growth even before Trump imposed tough tariffs on imports. Economists had previously projected that the Bureau of Labor Statistics (BLS), part of the US Department of Labor, would lower its employment forecast for April 2024 to March 2025 by between 400,000 and 1 million jobs. Previously, the employment forecast for April 2023 to March 2024 had been revised down by 598,000 jobs. This benchmark revision followed news released last Friday that job growth almost stagnated in August and that June saw the first loss of jobs in 4.5 years. In addition to being weighed down by trade policy uncertainty, the labor market is also under pressure from the White House's tightening immigration policies, which are weakening the labor supply. At the same time, businesses' shift to artificial intelligence tools and automation is also dampening demand for labor. Economists believe the downward revision to job growth will have little impact on monetary policy. The Federal Reserve is expected to resume interest rate cuts next Wednesday after pausing its easing cycle in January due to uncertainty about the impact of tariffs.
Qatar says it received a call from the US 10 minutes after the attack
Regarding Israel's airstrike on senior Hamas officials in Doha, Qatar, on the afternoon of September 9th, local time, White House Press Secretary Levitt stated that US President Trump, "upon receiving notification from the US military that Israel was conducting an attack, immediately instructed Special Envoy Witkoff to inform Qatar of the imminent attack." However, Qatari Prime Minister and Foreign Minister Mohammed confirmed at a press conference that evening that "the attack occurred at 3:46 p.m. local time, and Qatar received the first call from US officials at 3:56 p.m., ten minutes after the attack." (CCTV International News)
Trump: Israel's attack on Qatar was not my decision
US President Trump stated that this morning, the Trump administration received notification from the US military that Israel was attacking Hamas in Doha, Qatar. This decision was made by Prime Minister Netanyahu, not me. Unilateral bombing inside Qatar will not advance US objectives. I immediately instructed Special Envoy Steve Witkoff to inform Qatar of the impending attack, which he did. Unfortunately, this notification came too late to prevent the attack. I believe this unfortunate incident could be an opportunity for peace. I have also spoken with the Emir and Prime Minister of Qatar and assured them that such an incident will never occur again on Qatari soil. I have instructed Secretary of State Rubio to finalize a defense cooperation agreement with Qatar.
White House asks Congress to pass stopgap spending bill to avert government shutdown
The White House budget office has asked Congress to pass a stopgap spending bill to avoid a government shutdown on October 1 and extend funding until January 31. The draft document from the budget office includes requests for specific funding increases, including funding for Columbia-class submarines and allowing the District of Columbia to use its own tax dollars. Appropriations committee leaders had previously explored shorter-term, temporary measures lasting until November.
US delegation inspects Pakistani port investment prospects
A U.S. delegation received a presentation on Pakistan's port infrastructure and investment opportunities during a meeting with Pakistan's Maritime Ministry on Tuesday. The delegation also heard about Gwadar Port infrastructure projects, special economic zones, and tourism potential. According to the Pakistani Maritime Ministry, the U.S. side expressed interest in the liquefied natural gas terminal, bulk handling, and investment prospects at all three ports, citing Pakistan's maritime sector as strategically important for trade and economic growth.
EU officials: EU member states are divided on sanctions against Israel and cannot take action
On September 9th, local time, EU High Representative for Foreign Affairs and Security Policy Kallas stated in a debate at the European Parliament plenary session that the European Commission is ready to suspend trade relations and end research partnerships with Israel, but governments are hindering further measures. She said, "The options for further EU action are clear and are still under discussion, but member states are divided on how to get the Israeli government to change its course. Unless member states agree on action, we cannot act as a union."
Spain bans two Israeli ministers from entering the country
On the 9th, the Spanish government announced a ban on entry for Israeli National Security Minister Itamar Ben-Gvir and Finance Minister Bezalel Smotrich in response to Israel's military operations in the Gaza Strip and their humanitarian impact on Palestinian civilians. Spanish Foreign Minister Alvarez stated after a cabinet meeting that the move was part of the sanctions proposed by Spanish Prime Minister Sanchez on Monday, aimed at denying "entry into Spain and the European Union for all those involved in genocide, human rights violations, and war crimes." He also emphasized that the Spanish government still supports the "two-state solution" and will not sever diplomatic relations with Israel for the time being.
French Prime Minister Bayrou submits resignation
French Prime Minister Bayrou submitted his resignation to President Emmanuel Macron on September 9th. Bayrou's government failed to secure a majority in a vote of confidence in the National Assembly, receiving only 194 votes in favor and 364 against. The Élysée Palace announced that Macron will appoint a new prime minister in the coming days. Bayrou is the second French prime minister to resign in just over nine months and the fifth in less than two years. (CCTV News)
Domestic News
Cui Dongshu, Secretary General of the China Passenger Car Association (CPCA), said that in August, passenger car manufacturers’ retail sales, exports, wholesale sales and production all hit record highs for the month.
Cui Dongshu, Secretary-General of the China Passenger Car Association (CPCA), stated in a statement that passenger car manufacturers' retail sales, exports, wholesale, and production all hit record highs in August, with new energy vehicle exports breaking all-time monthly records. Domestic passenger car retail sales are projected to achieve a cumulative 10% annual growth from January to July 2025, but the growth rate will fall to 9.5% from January to August, with the annual growth rate declining by 1 percentage point each month from July to August. This suggests the market is beginning to see a "low-in-the-early, high-in-the-middle, flat-out" trend.
Global Energy Interconnection Development and Cooperation Organization: Global power industry transformation presents four major trends
On September 9th, at the 2025 Global Energy Interconnection Conference in Beijing, the Global Energy Interconnection Development Cooperation Organization released its "Global Power Development Transformation Report 2025." The report states that over the past five years, driven by economic development, energy transformation, and technological innovation, the global power industry has undergone profound changes, demonstrating four major trends: electrification of energy consumption, clean power generation, widespread power distribution, and digitalization of system operations. (Xinhua News Agency)
- Risk Warning and Disclaimer
- The market involves risk, and trading may not be suitable for all investors. This article is for reference only and does not constitute personal investment advice, nor does it take into account certain users’ specific investment objectives, financial situation, or other needs. Any investment decisions made based on this information are at your own risk.
